INTERMEDIATE ACCOUNTING-MYLAB W/ETEXT
3rd Edition
ISBN: 9780136946601
Author: GORDON
Publisher: PEARSON
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Chapter 15, Problem 15.9BE
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7. On January 3, Russet Corporation purchased 2,250 shares of the company's $3 par value common stock as treasury stock, paying cash of $11 per share. On January 30, Russet Corporation sold 1,400 shares of the treasury stock for
cash of $14 per share. Journalize these transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Journalize the purchase of the treasury stock.
Date
Jan. 3
Accounts and Explanation
Debit
Credit
On February 16, Candy Home Goods, Incorporated (CHG) acquired 7,000 shares of its own shares at a cost of $39 per share. On April 29, CHG sold 2,800 of the 7,000 shares of its treasury stock for $59 per
share. On June 4, CHG sold the remaining 4,200 shares of treasury stock for $19 per share. What are the necessary journal entries to record these transactions? (Record debits first, then credits. Exclude
explanations from any journal entries.)
On February 16, Candy Home Goods, Incorporated (CHG) acquires 7,000 shares of its own shares at a cost of $39 per share.
Account
February 16
Chapter 15 Solutions
INTERMEDIATE ACCOUNTING-MYLAB W/ETEXT
Ch. 15 - Prob. 15.1QCh. 15 - What are the retained earnings of a firm?Ch. 15 - Prob. 15.3QCh. 15 - Prob. 15.4QCh. 15 - Does an entity have to legally dissolve treasury...Ch. 15 - Prob. 15.6QCh. 15 - Prob. 15.7QCh. 15 - Prob. 15.8QCh. 15 - Prob. 15.9QCh. 15 - Prob. 15.10Q
Ch. 15 - Prob. 15.11QCh. 15 - Do firms often use stock dividends to avoid...Ch. 15 - Prob. 15.13QCh. 15 - What is included in other comprehensive income?Ch. 15 - Is a specific format required for reporting...Ch. 15 - Prob. 15.16QCh. 15 - Boone Corporations outstanding capital stock on...Ch. 15 - Prob. 15.2MCCh. 15 - Prob. 15.3MCCh. 15 - Prob. 15.4MCCh. 15 - Prob. 15.5MCCh. 15 - Prob. 15.6MCCh. 15 - Prob. 15.7MCCh. 15 - Prob. 15.1BECh. 15 - Stockholders Equity Terminology, U.S. GAAP, IFRS....Ch. 15 - Common Stock Issuance, No Par Value. Perdido...Ch. 15 - Prob. 15.4BECh. 15 - Prob. 15.5BECh. 15 - Prob. 15.6BECh. 15 - Prob. 15.7BECh. 15 - Prob. 15.8BECh. 15 - Treasury Stock Transactions. Ginger Spice...Ch. 15 - Treasury Stock Transactions. On March 15, Chief...Ch. 15 - Treasury Stock Transactions, Retirement. Using the...Ch. 15 - Prob. 15.12BECh. 15 - Prob. 15.13BECh. 15 - Prob. 15.14BECh. 15 - Common Stock Issuance, Stated Value, Issue Costs....Ch. 15 - Common Stock Issuance. Par Value, Issue Costs,...Ch. 15 - Prob. 15.3ECh. 15 - Prob. 15.4ECh. 15 - Treasury Stock Transactions, Retirement,...Ch. 15 - Prob. 15.6ECh. 15 - Treasury Stock Transactions. Several years ago,...Ch. 15 - Prob. 15.8ECh. 15 - Prob. 15.9ECh. 15 - Prob. 15.10ECh. 15 - Prob. 15.11ECh. 15 - Preferred Stock Issuance Dividends, Disclosure....Ch. 15 - Prob. 15.13ECh. 15 - Prob. 15.14ECh. 15 - Prob. 15.15ECh. 15 - Prob. 15.16ECh. 15 - Prob. 15.17ECh. 15 - Prob. 15.18ECh. 15 - Prob. 15.19ECh. 15 - Prob. 15.20ECh. 15 - Prob. 15.21ECh. 15 - Prob. 15.1PCh. 15 - Prob. 15.2PCh. 15 - Prob. 15.3PCh. 15 - Prob. 15.4PCh. 15 - Prob. 15.5PCh. 15 - Prob. 15.6PCh. 15 - Prob. 15.7PCh. 15 - Prob. 15.8PCh. 15 - Prob. 15.9PCh. 15 - Prob. 1JCCh. 15 - Judgment Case 2: Impact of Judgment in Accounting...Ch. 15 - Prob. 1SSCCh. 15 - Prob. 1BCCCh. 15 - Prob. 2BCC
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- A corporation purchased for cash 5,000 shares of its own $10 par common stock at $25 a share. In the following year, it sold 2,000 of the treasury shares at $28 a share for cash. (a) Journalize the entries to record the purchase (treasury stock is recorded at cost). (b) Journalize the entries to record the sale of the stock. (for each Journal Entry, omit the step of providing a brief explanation) JOURNAL Date Post. DR CR (a) (b)arrow_forwardPronghorn Corporation purchased from its stockholders 5,400 shares of its own previously issued stock for $275,400. It later resold 2,160 shares for $54 per share, then 2,160 more shares for $49 per share, and finally 1,080 shares for $43 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation I (To record purchase from stockholders.) (To record sales of shares at $54 per share.) (To record sales of shares at $49 per share.) Debit Creditarrow_forwardDuring the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. February 1: Repurchased 240 shares of the company's common stock at $22 cash per share. b. July 15: Sold 130 of the shares purchased on February 1 for $23 cash per share. c. September 1: Sold 100 of the shares purchased on February 1 for $21 cash per share. Required: 1. Prepare the journal entry required for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Repurchased 240 shares of the company's common stock at $22 cash per share. Date February 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Prev Debit 1 of 8 Credit View general journal ‒‒‒ ‒‒‒ ‒‒‒ Next > *********arrow_forward
- Prepare journal entries for Eddington Corp. for the following transactions: 5/25/23: Purchased 3,000 shares of Vistavia Corp. common stock at $30 per share plus $2,700 in brokerage fees. 9/23/23: Sold 500 shares of Vistavia Corp. common stock at $28 per share.arrow_forwardDuring the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. April 1: Repurchased 390 shares of the company's common stock at $38 cash per share. b. June 14: Sold 70 of the shares purchased on April 1 for $43 cash per share. c. September 1: Sold 60 of the shares purchased on April 1 for $33 cash per share. Required: 1. Prepare journal entries for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Answer is not complete. No 1 Date April 01 General Journal Debit Credit Treasury stock 14,820 Cash 14,820 2 June 14 Cash Treasury stock Additional paid-in capital 3,010 2,660 350 3 September 01 Cash 1,980 Additional paid-in capital Treasury stock 300X 1,680 xarrow_forwardElroy Corporation repurchased 2,500 shares of its own stock for $30 per share. The stock has a par of $20 per share. A month later, Elroy resold 625 shares of the treasury stock for $38 per share. a. Record the two events in general journal format b. What is the balance of the treasury stock account after these transactions?arrow_forward
- Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. The stock has a par of $20 per share. A month later, Elroy resold 800 shares of the treasury stock for $48 per share. Required a. Record the two events in general journal format. b. What is the balance of the treasury stock account after these transactions? Complete this question by entering your answers in the tabs below. Required A Required B Record the two events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. Record the transaction. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journalarrow_forwardDuring the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. April 1: Repurchased 240 shares of the company's common stock at $30 cash per share. b. June 14: Sold 60 of the shares purchased on April 1 for $35 cash per share. c. September 1: Sold 50 of the shares purchased on April 1 for $25 cash per share. Required: 1. Prepare journal entries for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 Repurchased 240 shares of the company's common stock at $30 cash per share. Note: Enter debits before credits. Date April 01 General Journal Debit Credit Record entry Clear entry View general journalarrow_forwardPlease show the proper solution in a good accounting form.arrow_forward
- On January 3, Melrose Corporation purchased 1,800 shares of the company's $1 par value common stock as treasury stock, paying cash of $11 per share. On January 30, Melrose sold 1,450 shares of the treasury stock for cash of $12 per share. Journalize these transactions (Record debits first then credits Explanations will appear on the last line of the journal entry table.)arrow_forwardThe following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 450 shares of the company’s own common stock at $25 cash per share; the stock is now held in treasury. July 15 Issued 125 of the shares purchased on February 1 for $35 cash per share. Sept. 1 Issued 85 more of the shares purchased on February 1 for $20 cash per share. E11-8 Part 2 Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)arrow_forwardPrepare general journal entries to record these transactions. Fido Corporation engaged in the following transactions involving treasury stock: a)Jan. 10 Purchased for cash 15,000 share of treasury stock at a price of $20 per share. Date Debit Credit Db Cr b)July. 5 Reissued 4,500 shares of treasury stock at a price of $25 per share. Date Debit Credit Db Cr c)Nov. 12 Reissued 5,500 shares of treasury stock at a price of $17 per share Date Debit Credit Db Crarrow_forward
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Stockholders Equity: How to Calculate?; Author: Accounting University;https://www.youtube.com/watch?v=2jZk1T5GIlw;License: Standard Youtube License